- Nem token is sustaining above its short-term moving averages of 20 and 50-Day lines, with the lower volume activity over a monthly chart.
- The crypto asset rebounds sharply from the lower levels and jumps above the 20 & 50-DMA while still placed below 100 and 200-DMA lines.
- The pair of NEM/BTC is trading at 0.000004272 BTC with an intraday loss of -1.73%, and the ratio of NEM/ETH is CMP at 0.00006629 ETH with a significant intraday loss of -6.83%.
Nem token is trading just above the short-term moving averages of 20 & 50-day, after a long time span. The digital asset over the monthly chart is now trying to rebound from the lower levels after a continuous downtrend for since past few trading sessions.
Whereas, now the token is trading below the vital moving averages of 100 and 200-Day, while volume is not supported. Volume at the chart is lower and falls below its average line, which needs to improve in upcoming trading sessions. Support on the lower side is at $0.1320 and $0.1080, whereas resistance on the higher side is $0.2290 and $0.3140.
NEM token is trading under the rising channel pattern
The NEM token is trading under the rising channel pattern at the weekly time frame with making higher highs and lower lows. At the same time, the volume over the chart is not supported and needs to improve for positive momentum. In addition, the technical parameters currently reach the overbought zone and indicate slight profit-taking, pulling the stock lower. Presently, the NEM token is trading at $0.1698 with an intraday loss of -8.01%, and the volume to market cap ratio is at 0.06902.
Relative Strength Index (NEUTRAL): NEM token RSI presently indicates a sideways or flat trend over the weekly chart. In contrast, the RSI is trading flat after testing the overbought zone and now CMP 49.
Moving Average Convergence Divergence (BEARISH): This currently indicates a negative or bearish trend on the daily chart. This is because the seller’s signal line (orange) overpowers the buyer’s line (blue) with no sign of significant recovery.
Support levels: $0.1320 and $0.1080
Resistance levels: $0.2290 and $0.3140.
NEM Crypto: + 20% over the last 7 days!
Second strongest appreciation of the last 7 days, the NEM Crypto project seems to be on the rise again after a previous week in the red. So, is this a sign of investors returning or should we see it as a correction from last week’s bearish movement?
What is the NEM Project?
NEM is an acronym for New Economic Movement. This is a blockchain project that has been around since 2015. Unlike many crypto projects, NEM was not built on an existing system or blockchain. The project was entirely built by the foundation as well as the NEM community.
Quickly, the project proved to be a direct competitor to Ethereum. By proving in particular that a cryptocurrency can be much more than a simple means of payment. Today, the NEM project is also known for its Smart Asset System. A system that allows users of the platform to create new tokens or to set up a personalized blockchain infrastructure.
If Bitcoin and Ethereum operate under mechanisms like Proof of Work (PoW) or Proof of Stake (PoS), the consensus of the NEM network is different. We will talk about “Proof of Importance“. A protocol that puts at the heart of the reward system, the people who actually use the network.
The “SymbolNEM also aims to facilitate the transition of personal projects from a private to a corporate setting. Companies can then choose to develop an interface with the NEM blockchain but also with other public blockchains. A system that makes token transfers and data sharing between smart-contracts possible and easier. All while taking advantage of Symbol’s functionality, a blockchain capable of limiting the flow of confidential information.
Focus on the XEM Token
The XEM token is the governance token of the NEM project. Present on the markets since 2015, the asset price has remained extremely low for almost 2 years. Before experiencing a first bullish phase straddling April and May 2017. At the beginning of June, 1 XEM then trades for more than 0.20 USD on the various exchanges. After various bullish and bearish phases throughout the year, XEM will explode with the entire crypto market in December 2017. In the space of a month, the token will see its price drop from 0.20 USD. over $ 2. An ATH registered on January 4, 2018.
As with so many crypto projects, if the bullish phase has been exponential, the correction will be extremely violent. As of January 28, the price drops back below the dollar mark. On March 30, the token returned to its pre-flight price: around $ 0.20. At the end of August, a XEM is already worth only $ 0.10. Then begins a very long crossing of the desert which will see the project oscillate between 0.10 and 0.05 USD until August 2020.
In February 2021, as the price of Bitcoin pulls the wider market with it, XEM also starts to rise sharply. At the peak of the peak, a XEM then trades for $ 0.85. Before going down again. Today a token is listed for $ 0.14.
The following chart shows the price of XEM over the last month.
Price fluctuations range from single ($ 0.08) to double ($ 0.16). Today we’re pretty much on the high end of the 30-day average. Trading volume has increased significantly in recent days, as evidenced by the chart below the curve.
Good to know : All of the 9 billion tokens provided for by the protocol are in circulation. In terms of market cap, the Nem project is valued at more than $ 1.2 billion. Making this project the 38th largest in terms of capitalization.
Should We Invest in the Project?
First and foremost, this part is not intended to constitute an investment incentive; if we stick to the trend since the start of the year, it seems rather bearish on a medium approach. term. As the graph below shows:
In terms of the project, Nem seems to rely on a solid desire to offer and innovate over time. This is an extremely important axis before judging the suitability of a crypto investment.
In addition, the forecasts of some platforms appear to be optimistic. To start with WalletInvestor which estimates that the price of the asset could flirt with the $ 0.30 within 12 months. In 5 years, the model even foresees a token around 1 USD. Same story for DigitalCoinPrice who estimates that the token could return to the $ 0.20 mark for a long time by the end of the year.
NEM Price Analysis: SMA-20 is running above SMA-200, SELL it
- The 24 hours trading volume of the token was 220,939,807 and the low of 7.72% was seen. The live price of XEM is $0.1155
- The token has shown the pattern of engulfing bearishness.
- The RSI oscillator for NEM shows the OVERSOLD action.
The NEM has been running above its 200 days moving average and also above its 50 days moving average. The chart above shows the movement of the token with respect to SMA-20, SMA-50 and SMA-200. SMA-20 has crossed SMA-200 after a long time and is marked with a circle in the chart whenever it has crossed SMa-200. SMA-50 was achievable at times. The trendline marked in the chart shows the movement of SMA-20 above SMA-50 and SMA-200 and the returns are calculated on that basis. We see the gradual fall in returns starting from 15% to 9.91% and so the returns are expected to be lower than the other two for recent scenarios. However, we could see the hike in returns compared to the previous one.
An RSI oscillator is also present in the chart which shows the proper time to buy or sell the token. RSI for the last 5 hours shows the value of 35.464 and marks the sell action. MA-5, MA-10 and MA-20 show the sell action as well. However, the NEM at present is all set to SELL. If you have got the expected returns then sell it.
The bull/bear power has the value of -0.0348 and shows the sell action. The high/low marks the neutral action with the value of -0.0232.
The NEM-BTC pair is trailing at the level of 0.000003917 and the low of 18.78% was seen whereas the NEM-ETH pair is trailing at the level of 0.00006688 and the low of 16.76% was seen in the last 24 hours. The token has shown the percentage change by 23.25% since yesterday’s open.
The volume/market cap of the token is 0.2139 and its market dominance is 0.09%.
Conclusion: The days range for the coin is 0.11365 – 0.15232 and presently is at 0.1167. The token has shown a decent gain to make its holder happy. It is expected to show a rise in the coming time but that would be more risky to hold it that long and also when the NEM has provided the fine returns, do not wait for that condition. If you wish to purchase this token then wait until SMA-20 goes below SMA-50 or 200.
- The unit is USD
- SMA-20: Green colour
- SMA-50: Red colour
- SMA-200: Blue colour
Symbol Platform Finally Launched After Many Delays
Symbol is finally live on mainnet. NEM Group announced the launch today, and from now on, NEM is officially a two-chain ecosystem. Symbol was planned to launch on March 15th, but some delays happened because of the final development processes.
NEM Group tweeted the launch:
Today, we are proud to announce a major milestone in a 4 year journey. 🙌
Today, #Symbol launched, and a new NEM future begins.
— NEM (@NEMofficial) March 17, 2021
A New Era for NEM Ecosystem
NEM community has been busy for about four years developing a new blockchain. The plan was to launch a blockchain that mainly focuses on enterprise solutions. 2020 was the year for Symbol to experience the hype and attract users. NEM first said that Symbol would launch in 2020, but some delays caused it to go live in March 2021. The launch comes with an airdrop for XEM holders. Those who opted for the airdrop will receive 1 XYM (Symbol’s token) for 1 XEM they hold in wallets or exchanges.
David Shaw, the CEO of NEM Group, published a blog post to talk about the details and processes of the Symbol launch. He focuses on the four-year development cycle and plans for expanding the services and user-base.
As mentioned before, Symbol is a blockchain for businesses. It offers the essential services for them to migrate to the decentralized system infrastructure. Davis Shaw said in the blog post:
“Symbol will be the connector between business and blockchain and is specifically designed with interoperability at its core. Symbol will be a highly suitable platform for tokenization from financial through to physical and intellectual assets.”
Symbol is a PoS blockchain. Shaw believes it has many innovative services and solutions that make Symbol a next-generation example. He uses PoS+ term for Symbol. The new blockchain sits beside the NIS1 blockchain and acts as a bridge between individuals, businesses, and other blockchains.
With the launch of Symbol, many developers will try to use it for creating and distributing decentralized solutions. The platform currently has complete documentation. The guide helps developers with the essential steps of adoption and development on the Symbol platform. Symbol is now finally available for users with various solutions like explorer, wallet, and bootstrap.
NEM Group CEO finishes the launch post hoping Symbol becomes the first choice for businesses that want to migrate to the blockchain industry. He thanks the community and core developers of the project, Jaguar, Gimre, and BloodyRookie.